PMMC Recorded $460m Loss in 2024 Under NPP – Eric Opoku
The Precious Minerals Marketing Company (PMMC) recorded losses of about $460 million in 2024 under the New Patriotic Party (NPP) administration, according to revelations by Minister for Food and Agriculture, Eric Opoku.
Damian Owusu 
The Precious Minerals Marketing Company (PMMC) recorded losses of about $460 million in 2024 under the New Patriotic Party (NPP) administration, according to revelations by Minister for Food and Agriculture, Eric Opoku, posted on Facebook.
PMMC reportedly acquired 45.3 tons of gold in 2024, valued at $3.1 billion at the time of purchase. The Bank of Ghana (BoG) later reported losses amounting to GH¢4.84 billion, equivalent to approximately $460 million. Mr. Opoku attributed the losses to gold smuggling and inconsistencies in artisanal and small-scale mining supply chains.
The losses highlighted structural weaknesses in Ghana’s gold trading system, prompting reforms. Mr. Opoku emphasized the introduction of GoldBod, a new framework designed to curb smuggling and improve transparency. Under GoldBod, companies such as Bawa Rock have undergone assessments and are fully guaranteed to operate within the new system.
The revelation has sparked debate about the management of Ghana’s mineral resources under the NPP.
Stakeholders in the mining sector have called for stronger oversight and accountability to prevent future losses.
The disclosure of PMMC’s $460 million loss underscores the challenges facing Ghana’s gold sector. With the rollout of GoldBod, the government aims to restore confidence, strengthen oversight, and ensure greater accountability in the management of the country’s mineral wealth.
